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Amid broader cryptocurrency price gains, PEPE, the frog-themed meme coin, has also recorded significant price movements. Data from IntoTheBlock shows that approximately 72% of PEPE holders have amassed profits or are “in the money,” as is often stated.
Surging price boosts profits for PEPE holders
Notably, the profit occurred after PEPE soared in price. The asset knocked off one zero from its price, soaring as high as $0.0000104 before stabilizing at its current market price. Analysts say the surge came as community bullish sentiment combined with general optimism in the broader crypto space.
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As highlighted by IntoTheBlock, 224,330 addresses were “in money,” or raking in profit. These wallet holders were big winners, given the massive decline that PEPE has witnessed in recent days. Meanwhile, 20.11%, or 62,700 addresses, were “out of money” overall.
An earlier U.Today article predicted PEPE would clear one zero if the community could sustain investors’ interest. At the time, despite a declining price value, trading volume continued to soar as it looked like traders were exploiting the dip to accumulate the token.
Robinhood’s new transfer feature boosts PEPE demand
Other factors that might have supported PEPE in clearing out one zero could lie with Robinhood’s recent launch of the Pepe transfer feature.
Notably, the European branch of the top U.S. brokerage firm rolled out live transfer options on its platform. The development allows European users to carry out transactions — withdrawals and deposits — directly on Robinhood. These transactions come with a limited offer of a 1% deposit bonus.
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As of writing time, bullish sentiment has held PEPE up by 9.52% to trade at $0.0000104 within 24 hours. However, its market volume has decreased by a significant 3.62% to $1.32 billion.
Analysts opine that the community needs to monitor the declining market volume, as it could trigger a price retracement.